AUSTIN, Texas (KAMR/KCIT) — As home sales throughout the state decreased from this time last year, the Texas Realtors organization reported that home sales within the city of Amarillo increased from this time last year.
According to a news release from the organization, home sales in Amarillo increased 6.2% to 1,189 single-family home sales from the third quarter of 2020. The median price of these homes also increased 10.6% to $224,425.
At the state level, home sales decreased 3.5%, the first time quarterly homes sales in Texas decreased year-over-year since the second quarter of 2020. Median prices for homes throughout the state increased 16.9% to $310,000, the release stated.
“Although we’re seeing a slight decline in homes sold from the same period a year ago, it’s important to remember we’re comparing to 2020’s record-breaking numbers,” Marvin Jolly, the chairman of Texas Realtors, said in the release. “Across the state, we’re still experiencing strong demand for housing, and buyers are moving to Texas from all over the nation.”
Luis Torres, a research economist with the Texas Real Estate Research Center at Texas A&M University, said he believes the “housing frenzy” caused by the pandemic has potentially peaked, shown by home prices and sales beginning to slow.
“For the remainder of 2021, the housing market will be characterized by strong demand with low inventories accompanied by strong price growth, albeit at a slower rate,” Torres said in the release.